Major markets grow, fashionable items in high demand
The 2017 Hong Kong International Fur and Fashion Fair, world’s largest global fur trading platform, drew to a close on 18 February. The Fair concluded with US$139 million of confirmed orders, a growth of 20% over last year. The Fair witnessed a turnaround in this year’s global fur market, with a sharp rebound in demand. Product popularity has shifted to favor fashionable items, a positive sign for the always creative Hong Kong fur industry.
Exhibitors reflected that business was above expectation, all markets recorded a growth comparing with last year. The exhibitors from overseas were particularly pleased with the result. Some of them generated multiple business increase and had indeed enjoyed a rewarding Fair in Hong Kong.
Mr. Henry Sun, Chairman of the Hong Kong Fur Federation (HKFF) says that the increase in Russian buyers this year is attributed to the rise of the rubles and oil price after the US presidential election. Cold weather in the USA, Europe and Japan last year has helped to clear local inventories and so buyers need to replenish stock in this exhibition.
However, buyers are still cautious as the market is just beginning to rebound, Mr. Sun adds, and buyers tend to buy more varieties but in lower volumes. He expects that turnover and export volume this year will rise approximately 20%, following the market trend. Mr. Sun explains that last year was the worst time for the fur industry, with negative factors like US election, poor Russian economy, warm winter in many countries etc. delaying orders from buyers and resulting in a drop of 30% in export volume and 28% in export value.
Mr. Wong Yau Fai, Vice-Chairman of HKFF, is also optimistic about upcoming business. He says that there is 30-40% year-on-year increase in the sales of sable, a relatively high priced type of fur. He sees higher desire to purchase owing to a number of reasons: cold winter, diminishing stock level and the rubles exchange rate. Some buyers even doubled their orders. He believes this year will see a sharp rebound from the all-time low of the previous year, with business expected to surge at least 30%.
Hong Kong Fur & Fashion Fair - 2017 => More Pictures Here
International Fur Auctions
By RB Media Group
Posted: February 28, 2017